RealD shares debuted at USD $16 when the company first went public but are now languishing at less than ten dollars, so this unsolicited take-over bid should not come as a surprise.
RealD Inc. (RLD), the supplier of 3-D technology to cinemas, received a $12-a-share takeover bid from Starboard Value LP, the activist investor that’s pressing Yahoo! Inc. (YHOO) for changes. RealD shares soared.
Starboard holds a 9.9 percent stake in RealD, according to a regulatory filing yesterday. The offer represents a 29 percent premium over RealD’s $9.27 closing price yesterday in New York and values the company at about $600 million. The stock jumped 27 percent to $11.78 at the close in New York, the biggest one-day gain since the July 2010 IPO. LINK
Canada (Quebeq) – French-speaking Canada has a new cinema association: l’Association pour le cinéma sur grand écran (ACGE).
Speakers from all areas of the film industry on the big screen on Wednesday announced the creation of the Association for movies on the big screen (ACGE), whose objective is to promote the cinematic experience.
As President, members ACGE elected unanimously Raffaele Papalia, president of Cinemas Cine Entreprise. The former president and CEO of SODEC François Macerola will act as a strategic advisor to the association.
According to Papalia, now is now conducive to union resources of members of the CGEA, “to analyze the challenges the film industry faces on the big screen.” The objectives of the new association will be to develop new approaches that will favor the revival of audiences, convey a positive and inclusive message to moviegoers and promote the cinema experience on the big screen. LINK